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Can You Get a Title Loan with Just the Bill of Sale?

January 9, 2018 /

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If you are trying to get a car title loan and you only have the bill of sale from your car’s transaction, you might be wondering can you get a title loan with just the bill of sale. Unfortunately, you cannot get a car title loan with just your bill of sale. You can get a car title loan by using the vehicle’s title by applying for a car title loan with LoanMart.

What is a Bill of Sale?

The bill of sale is like a receipt for the car you purchased. Not all states require it, but some state motor vehicle departments require you to obtain a bill of sale. It can be an important part of the vehicle process for both the buyer and the seller. It leaves a paper trail just in case anything happens with the car. States that require a bill of sale are:

Arizona

California

Connecticut

Georgia

Idaho

Indiana

Mississippi

Minnesota

Nevada

New Mexico

New York

North Dakota

Oregon

South Dakota

Utah

Vermont

Virginia

Washington

West Virginia

Transferring a Car Title

After you purchase a vehicle from someone, one of the first things you should do is transfer the title to your name. Most states have a certain deadline for you to submit all the transfer documents in order for them to be accurate. Make sure you do not miss those deadlines by visiting your state’s DMV’s website.

Transferring the title also ensures the car rightfully belongs to you. It helps ensure the safety of the seller in case anything happens to the car in your possession. If it gets into a wreck or something else happens to it, the owner of the car can be held accountable for the damages if their name is still on the title.

Before you apply for a car title loan, make sure you have the car title and the title is in your name. If the car title is not in your name, you will not be able to use it to get a car title loan and pay your bills.

Lost or Stolen Car Title

If you only have the bill of sale because you’ve lost your title, or it was stolen, you can request a new car title from the DMV. By submitting information like the vehicle’s registration card and the bill of sale, you can get your new car title to apply for a car title loan.

Check with your local DMV to see if they print the same day or if you will receive a new one in the mail.

Car Title Loans with LoanMart

Getting a car title loan with LoanMart can be easy and swift. By using a qualifying car title in your name, you’ll be able to receive money to put towards your bills, repairs, rent, debt, and even more. LoanMart uses your car’s title as collateral for the vehicle for the money you need.1 By using the market value of the car and your ability to pay back the income, LoanMart estimates the value of your loan and the interest rate.

If you have little to no credit, or a bad credit history, a car title loan is perfect for you because your credit history won’t determine your eligibility or your loan amount. So many people choose LoanMart for their car title needs because of how easy it is to qualify.1

What Do I Need to Qualify?

In order to qualify for a car title loan, all you need is a vehicle title in your name and a source of income. Once you’ve qualified, a LoanMart representative will contact you to send in additional documentation to confirm your identity and ownership of the vehicle. You will need:

Vehicle’s title

Proof of income

Vehicle registration card

Proof of car insurance

Proof of residency

VIN, plate, odometer

Pictures of the vehicle

4 personal references

That’s all you need to qualify! No long wait times or mountains of paperwork to fill out. There are no hidden requirements or fees. LoanMart believes in providing great customer service, so we make sure we’re always honest and up-front with our customers.

How to Apply with LoanMart

Applying with LoanMart can be completed in one of three ways:

Apply online. LoanMart has made it more convenient for its customers to apply for car title loans by making it a lot easier to apply. Instead of searching for a location near you, you can apply for the car title loan when you need it, wherever you need to. You can apply with our online application using your phone, tablet, or computer.

Call us. We have representatives ready to talk to you about car title loans and any questions you may have. If you want to talk with a representative, they can guide you through the application process and get you started.

In person. As mentioned, you are more than welcome to stop in to our location and apply. We are open and ready for customers. Representatives are ready to answer any question, and guide you through the application process.

Once you’ve decided how you will be applying, you can apply quickly and in just three steps!

Apply for your loan.

Submit your documents.

Receive your money.1

Don’t miss out on the opportunity and apply today!

Gerald Weiss

Gerald Weiss is a Senior Accountant at LoanMart. He has a passion for helping people set and achieve their financial goals. He enjoys writing for the LoanMart Blog to share the inside financial knowledge that’s he’s gained over the years. He helps us fulfill our education mission at LoanMart.

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If a resident of South Carolina is looking to get a loan they may be curious about the options that they have in their state. In South Carolina auto title loans are available as a loan option for its residents. LoanMart has been giving out auto title loans for years and service the residents of South Carolina.

If you find yourself confronted with an unexpected expense in South Carolina, you may be considering a car title loan. Are you concerned about the amount of money you’ll be able to borrow? If you don’t want to over-borrow, you’ll be interested in knowing what the minimum amount of money you may be able to borrow is.

LoanMart may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the sixth calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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